Business Environment China.docx
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Business Environment China.docx
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BusinessEnvironmentChina
BusinessEnvironment:
China
Withahugemarket,continuingstrongeconomicperformanceandanincreasingtrendforconsumerspending,Chinaremainsoneoftheworld'smostattractivedestinationsforforeigncapitalinvestment.Lackoftransparencyintheregulatoryframework,widespreadcorruptionaswellasskillsshortages,however,continuetobechallengesforinvestorsintothecountry.
EaseofDoingBusiness2010:
Regionaloverview
Source:
DoingBusiness2010,WorldBankNote:
RankingcoverstheperiodfromJune2008throughtoMay2009.Theeaseofdoingbusinessindexrankseconomiesfrom1to183.Foreacheconomytheindexiscalculatedastherankingonthesimpleaverageofitspercentilerankingsoneachofthe10topicscoveredinDoingBusiness2010,i.e.exclusiveoftheelectricitypilotdata.Therankingoneachtopicisthesimpleaverageofthepercentilerankingsonitscomponentindicators.Ahighrankingontheeaseofdoingbusinessindexmeanstheregulatoryenvironmentisconducivetotheoperationofbusiness.Rankingsfrom1-61refertoeasy,from62-122refertomoderateandfrom123-183refertodifficult.
(Clickheretoviewmapindetail.)
1.EconomicStability
Continuingstrongeconomicperformance
Despiteaslowdownamidsttheglobaleconomiccrisisof2008-2009,Chinaremainstheworld'sfastestgrowingeconomy.RealGDPgrewat8.7%in2009,mainlyowingtothegovernment'shugestimulusprogramme.Astrongergrowthof10.0%isexpectedfor2010asaresultofarecoveryinthepropertymarketandareboundofdomesticspending.Asexportssloweddown,thecountry'scurrentaccountsurplusdeclinedfrom9.8%oftotalGDPin2008to7.6%oftotalGDPin2009.
Chart1:
FDIintensityandFDIflows2003-2008
Source:
EuromonitorInternationalfromInternationalMonetaryFund(IMF),InternationalFinancialStatisticsandWorldEconomicOutlook/UN/UNCTAD/nationalstatistics
China'sexceptionaleconomicgrowthaswellasitsimpressivegrowthpotentialcontinuestoattractalargenumberofinvestorstothecountry.TheChinesegovernmentgenerallywelcomesforeigninvestmentandimplementsawiderangeofincentivepoliciestoforeignbusinesses.However,investorscontinuetocomplainaboutacomplicatedbusinessenvironmentwithalackoftransparency,inconsistentlawenforcementaswellasprotectivepoliciesforlocalfirms.In2009,theChinesegovernmentincreaseditssupportfortheexportsector,imposedrestrictionsongovernmentprocurementfromforeigncompanies,useditsnewanti-monopolylawtoblockforeigninvestmentandcameunderpressurefromtradepartnersforits“dumping”practices.Despitethesechallenges,China'seconomyremainscompetitiveandthecountryisoneofthemaindestinationsforforeigncapitalinvestment.In2008,foreigndirectinvestment(FDI)inflowsreachedUS$109billionandrecordedaperiodgrowthof41.1%inrealtermsbetween2003and2008.
Chinaranked29thoutof133countriesintheWorldEconomicForum'sglobalcompetitiveindexin2009-2010,outperformingotheremergingeconomiessuchasIndia(49th)andRussia(63rd).Thisrepresentsanimprovementofoneplacecomparedtothepreviousyearduetothecountry'simprovedcapacitytoinnovate.WhileChinaoffersastablepoliticalenvironmenttodobusinessin,corruptionremainsapersistentproblem.In2009,itranked79thoutof180countriesinTransparencyInternational'scorruptionperceptionsindex,rankingmuchhigherthanJapan(17th)butlowerthanIndia(84th).
Chart2:
Corruptionperceptionsindexrankinselectedcountries2009
Globalrankoutof180countries
Source:
TransparencyInternationalNote:
TransparencyInternational’sCorruptionPerceptionIndexranks180countriesbytheirperceivedlevelsofcorruption,asdeterminedbyexpertassessmentsandopinionsurveysannually.
2.Easeofdoingbusiness
Complexbusinessenvironment
Chinaranks89thoutof183economiesintheWorldBank'sEaseofDoingBusiness2010report,representingadowngradeofthreeplacescomparedtothe2009report.Thisis,however,duemoretostrongerreformeffortsinothercountriesratherthantoaworseningofChina'sbusinessenvironment.
TheprocessofstartingabusinessinChinainvolvescomplexadministrativeprocedures.Itrequires14.0procedures,takes37.0days,andcosts4.9%ofgrossnationalincomepercapitatosetupandrunalocallimitedliabilitycompanycomparedtoanaverageof8.1proceduresrequiredinEastAsia&Pacific.RegisteringapropertyortransferringapropertybetweencompaniesinChinarequires4.0procedures,takes29.0daysandcosts3.1%ofthepropertyvalue.Thisisshorterthan44.0daystakeninIndiabutlongerthan14daystakeninJapan,forexample.
Accesstocreditremainsaconstraintforsmallandmedium-sizebusinesses(SMEs)inChina.Whilebankcredithasbeenexpandingrapidly,ithasbeenweightedtowardslarge,state-ownedcompanieswhichcontinuetoplayadominantroleintheeconomy.Duetoalackofadequatecreditinformationonborrowers,personalconnectionsremainanimportantsourceofgettingcreditinChina.Theslowdownoftheeconomysince2008hasalsoimpactedoncreditavailabilityinChinaandthegovernmenthassincethenannouncedmeasurestoenhancetheaccessofSMEstobankcredit.
TheprocessofclosingabusinessinChinatakes1.7yearsforcompletion,costs22.0%oftheestatewitharecoveryrateof35.3centsontheUSdollar,higherthaninIndia(15.1cents)butlowerthaninMexico(64.2cents).InJune2007,Chinaintroducedanewbankruptcylawwhichismoreinlinewithmostdevelopedeconomiesinthatittreatslocalandforeigncreditorsequallyandplacessecuredcreditorsaheadofothercreditorsintheinsolvencyprocess.
Withalargemarketandrisingdemandforinternetandmobilephoneusage,China'sinformationcommunicationtechnologies(ICT)industryhasdevelopedrapidly.In2009,themobilephoneandbroadbandpenetrationrateamonghouseholdsstoodat87.8%and10.4%respectively.Thoughthe“digitaldivide”betweenruralandurbanareasaswellasstrictregulationandcensorshipfromthegovernmentremainconcerns,China'sICTmarketprovidesgreatopportunitiesforbusinessesinthissector.
Table1:
RankinginDoingBusiness2009-2010
Doingbusiness2009
Doingbusiness2010
Changeinrank
Easeofdoingbusiness
86
89
-3
Startingabusiness
152
151
1
DealingwithConstructionPermits
178
180
-2
RegisteringProperty
30
32
-2
GettingCredit
59
61
-2
ProtectingInvestors
88
93
-5
EnforcingContracts
18
18
0
ClosingaBusiness
65
65
0
Source:
DoingBusiness2010,WorldBankNote:
(1)Rankingsarebasedondatasetsacross183countries.DoingBusinesspresentsquantitativeindicatorsonbusinessregulationsandtheprotectionofpropertyrightsthatcanbecomparedacross183economies.
(2)RankingforeachyearcoverstheperiodJune-Mayofpreviousyear.
3.Governmentregulationsandtradingacrossborders
Lackoftransparencystillamajorconcern
China'sinvestmentlawshavegraduallybeenimprovedsincethecountry'saccessiontotheWorldTradeOrganization(WTO)in2001inordertoconformtoWTOinvestmentrequirements.Inpractice,theChinesegovernmentfavoursinvestmentthatmeetsthecountry'sdevelopmentgoalssuchasthoseinhighervalue-addedsectorsandadvancedratherthanbasicmanufacturing.ItsinvestmentobjectivesareoutlinedintheForeignInvestmentCatalogue,whichdividessectorsoftheeconomywhereforeigninvestmentisencouraged,restrictedandprohibited.Sectorswhichare“prohibited”forforeigninvestmentincludemedia-relatedindustriesandcompulsorybasiceducation.Inordertoprotectlocalcompanies,thegovernmentalsoimplementsadministrativemeasurestolimitforeigninvestors'abilitytoparticipateinthedomesticmarkets.
Chinaoffersawiderangeofincentivestoforeigninvestmentatnational,regionalandprovinciallevels.Theseinclude,forexample,reducedtaxesandimport/exportduties,fundingsupportforstart-upsaswellasprioritytreatmentinacquiringbasicinfrastructureservices.Concerns,however,havebeenraisedaboutthecomplexityandcontradictionbetweenChina'sinvestmentcatalogueandotherinvestmentregulations.Besides,inconsistentlawenforcementsposeamajorproblemforinvestorsinChina'smarket.
SinceitsaccessiontotheWTO,China'stradepolicyhasengagedonaliberalisingtrend.AsofMarch2010,ithasconcludedFTAswiththeASEAN,Chile,Pakistan,NewZealand,SingaporeandPeruandisnegotiatingwiththeNorway,CostaRica,Iceland,Australia,GulfCooperationCouncilandtheSouthernAfricanCustomsUnion.Whiletariffshavebeenreducedorpartiallyremoved,non-tariffbarriersandrestrictionsaswellasregulatoryinhibitionstotradestillexistinChina,hinderingthefreeflowoftradeandincurringmorecoststoimportersandexporters.
AccordingtotheWorldBank'sEaseofDoingBusiness2010report,thecountry'scosttoexportincreasedtoUS$500percontainercomparedtoUS$460inthe2009report.Meanwhile,thecosttoimportremainedunchangedatUS$545.ToimportandexportastandardshipmentofgoodsinChinaitrequiressubmitting5-7documentswhichtakes21-24daystocomplete.
Chart3:
Tradingacrossbordersglobalranking2010
Globalrankoutof183countries
Source:
DoingBusiness2010,WorldBankNote:
(1)DatacoversperiodJune2008–May2009.
(2)Rankingsarebasedondatasetsacross183countries.
4.Taxes
Improvedtaxsystem
China'staxsystemiscomplicatedwith26typesoftaxesbeingclassifiedintosevencategories.AccordingtotheWorldBank'sEaseofDoingBusiness2010report,ittakes504hours
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